Schlumberger to Cut 2,000 More Jobs, Profit Falls 39 Percent

Schlumberger Ltd., the world's No.1 oilfield services provider, reported a 38.8 percent drop in quarterly profit and said it would cut a further 2,000 jobs, blaming the fall in drilling activity, particularly in North America.

Net income attributable to Schlumberger fell to $975 million, or 76 cents per share, in the first quarter ended March 31, from $1.59 billion, or $1.21 per share, a year earlier.

Revenue fell nearly 9 percent to $10.25 billion.

The company said it now plans to cut 11,000 jobs, higher than the 9,000 jobs it had planned to cut in January.